Business
Placing
Placing.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n RNS Number : 9833A SocialGO plc 10 February 2011 \n \n\n\n\n\n\n\n\n\n10 February 2011\n\n\n\n\n\n\n\n \n\n\n\n\n \nSocialGO Plc\n (\"SocialGO\" or the \"Company\")\n \nPlacing to raise £1,335,500\n \nSocialGO, the AIM-quoted company specialising in group social networks, is pleased to announce that the Company has placed 45,271,186 new ordinary shares of 1 pence each (the \"Placing Shares\"), representing approximately 10.18% per cent. of the Company's enlarged issued share capital.\nThe Placing Shares have been placed with institutional investors at a price of 2.95 pence per share, for gross proceeds of £1,335,500 (the \"Placing\"). The proceeds of the Placing will fund the launch of SocialGO™ version 2 over the coming months, which in the Directors' opinion will significantly move the business forward.\nThe Placing is subject to shareholder approval at a General Meeting (GM) of the Company to be convened for 28 February 2011 and to admission to trading on AIM. A special resolution will be proposed at the GM to disapply pre-emption rights in relation to the issue of the Placing Shares (the \"Resolution\"). The Placing Shares will represent 10.18% of the enlarged share capital of the Company of 444,596,605 ordinary shares.\nToday's announcement follows the earlier placing of shares announced on 12 January 2011, which raised gross proceeds of £300,000 for additional working capital. That placing effectively removed the Company's reliance on an equity draw down facility put in place in June 2010 by Veddis Ventures, a significant shareholder in the Company. \nCommenting on today's news, Alex Halliday, CEO stated:\n \n\"We're very pleased to have been able to take advantage of further demand for our shares, which will secure funding for the upcoming launch of Version 2 of SocialGO, our next generation platform. \n \n\"As is evident from the ongoing take-up of SocialGO's offer, a diverse array of interest groups, from schools, sports clubs, churches and political movements, are all wanting a personalised platform on which to interact. That trend is only going to continue and we believe we're uniquely well placed to capture the opportunity.\"\n \n\"We look forward to providing further updates of our progress over the next few months.\" \n ...